multiple choice questions.

21. Larken Company's records show the following for the month of January:Total Retained Earnings at January 1 $400,000Total Retained Earnings at January 31 500,000Total Revenues 670,000Total Dividends Declared 40,000Total expenses for January werea. $740,000.b. $530,000.c. $570,000.d. $770,000.

22. P...

Dec 06 2010 01:18 PM

1 Approved Answer

Mark B
answered on December 06, 2010

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Votes)

21. Larken Company's records show the following for the month of January: Total Retained Earnings at January 1 $400,000 Total Retained Earnings at January 31 500,000 Total Revenues 670,000 Total Dividends Declared 40,000 Total expenses for January were b. $530,000. 22. Petson Company's financial information is presented below. Sales $ ???? Purchase Returns and Allowances $ 15,000 Sales Returns and Allowances 30,000 Ending Merchandise Inventory 35,000 Net Sales 250,000 Cost of Goods Sold 180,000 Beginning Merchandise Inventory ???? Gross Profit ???? The missing amounts above are: Sales Beginning Inventory Gross Profit a. $280,000 $60,000 $70,000 ____ 23. The preparation of closing entries c. is necessary before financial statements can be prepared. ____ 24. Allowance for Doubtful Accounts is reported in the b. balance sheet as a contra liability account. ____ 25. Current liabilities are obligations that are reasonably expected to be paid from Existing Creation of Other Current Assets Current Liabilities c. Yes No ____ 26. Which of the following errors will...

e a trial balance to be out of balance? The entry to record a payment on account was a. posted as a debit to Cash and a debit to Accounts Payable. ____ 27. The primary accounting standard-setting body in the United States is the a. Financial Accounting Standards Board. ____ 28. Units of activity is an appropriate depreciation method to use when a. the productivity of the asset varies significantly from one period to another. ____ 29. The calculation of depreciation using the declining-balance method d. multiplies a declining percentage times a constant book value. ____ 30. A current liability is a debt that can reasonably be expected to be paid c. within one year, or the operating cycle, whichever is longer.

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